Can you Create a 5-year ProForma based on the Exhibit 16 information ("current" Income Statement). Assume the Income Statement reflects EOY 2012, and occupancy begins August 2014 (20 months growth).

Assume a 3.5% (between 2.5 and 5 percent, page 4) rent growth, 2% vacancy rate (Exhibit 9), 2% loss due to tenant credit issues/evictions.

Management fee is a percentage of total income (refer to current income statement, round to whole percent). The capital reserve is 25% and the average capitalization rate is 6.5%. Use (cap rate*(1-capex reserve)) + growth rate) to determine discount rate which drives NPV effective at occupancy.

Exhibit I6: \"Current\" Revenue Gross rental income Parking income Vacancy loss (2%) Credit loss 0%} Toto! income Expenses Real estate tax Common area electric Common area gas Common area cleaning Security system Landscaping maintenance Landscaping irrigation Exterminating Snow removal Garbage service HVAC service contract General maintenance Unit turnover cleaning Insurance Management fee Total expenses Net operating income Income Statement ($} 423,400.00 I?,550.00 {5.9 I 9.00} {4,459.50} 432,571.50 36,225.25 3,500.00 2,000.00 2,600.00 360.00 I 300.00 696.99 600.00 3.00000 2,400.00 2, I00.00 3,000.00 ?.500.00 I0,000.00 34,605.72 1' 6 L33 7.96 221', \"33.54